- Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong have signed a huge deal in the field of digital payments.
- Cross-border payment connectivity was started between the two countries by connecting India’s UPI Unified Payments Interface & Singapore’s PayNow.
- On 21 February, the Prime Minister of both the countries started it by participating in a program through video conferencing.
- From now on using UPI and PayNow, Indians living in Singapore will be able to transfer money to India through UPI.
- Indian students who are studying in Singapore, their parents will be able to send money through UPI by making digital payments very easily.
What is UPI (Unified Payments Interface)?
Unified Payments Interface (UPI) is India’s mobile-based rapid payment system, which provides instant payment facility round the clock using Virtual Payment Address (VPA) created by customers. This eliminates the risk of the remitter sharing the bank account details. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and it also enables a user to send or receive money.